I love the idea of it but what retailer is going to accept payment in something so volatile, and if they are exchanging it at the point of sale then there is added transaction costs associated with that.

quote:I love the idea of it but what retailer is going to accept payment in something so volatile, and if they are exchanging it at the point of sale then there is added transaction costs associated with that.

The infrastructure is being built up to make this easier and more affordable.

For instance, BitPay is a company that processes bitcoin transactions for websites, locks in the exchange rate at the time of purchase, and remits USD (or whatever fiat of choice) to the merchant, all for a fee of about 2.5%. That's lower than standard credit card or PayPal transaction fees, and with bitcoin there is ZERO threat of a chargeback.

quote:For instance, BitPay is a company that processes bitcoin transactions for websites, locks in the exchange rate at the time of purchase, and remits USD (or whatever fiat of choice) to the merchant, all for a fee of about 2.5%. That's lower than standard credit card or PayPal transaction fees, and with bitcoin there is ZERO threat of a chargeback.

Would a vendor like BitPay be able to process a return/refund situation? I assume it would have to be in fiat currency at the rate locked in at point of sale or the CURRENT equivalent rate of Bitcoins?